The Hindu Business Line : Cheque clearing volumes drop

The volume of cheques cleared by the Reserve Bank of India in Mumbai alone fell from around over 10 lakh on April 3 to about 6 lakh on April 5, mainly because State Bank of India's cheques had to be returned due to indefinite strike by SBI.

On April 3, which was the first day of the strike, about 40,000 SBI cheques were returned, said an RBI official.

The SBI management is understood to be taking contingency measures to ensure that emergency payments are made. However, top officials were reluctant to give details about such contingency plans.

The strike, which entered its fifth day, continued to impact operations such as cheque clearing and corporate transactions. According to RBI figures, 680 clearing centres managed by SBI have stopped functioning. In some States such as Gujarat, other public sector banks have stepped in to take care of the clearing functions, said an RBI official.

SBI sees about one lakh cheques being cleared through its three clearing houses in Mumbai alone, said an officer from SBI.

According to Mr Abhijeet Datta, Deputy Managing Director, SBI, "The situation remains the same. Talks with the union are still going on." According to Mr Shanta Raju, General Secretary, All India SBI Officers Federation, the union has not received any invitation for discussions from either the SBI management or the Government.

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